Mojo Industries tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the accounting period, January 31. The inventory's selling price is $15 per unit. Transactions Unit Cost Units Total Cost Inventory, January 1 Sale, January 10 Purchase, January 12 Sale, January 17 Purchase, January 26 $5.50 250 $1,375 (200) 300 6.00 1,800 (150) 7.00 75 525 Assume that for Specific identification method the January 10 sale was from the beginning inventory and the January 17 sale was from the January 12 purchase. Required: 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at January 31 under each of the following inventory costing methods: (Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount.) Amount of Goods Cost of Goods Ending Inventry Available for Sale Sold a. Weighted average cost b. First-in, first-out C. Last-in, first-out d. Specific identification 2-a. Of the four methods, which will result in the highest gross profit? Weighted average cost First-in, first-out Last-in, first-out Specific identification 2-b.Of the four methods, which will result in the lowest income taxes? Weighted average cost First-in, first-out Last-in, first-out Specific identification Peterson Furniture Designs is preparing the annual financial statements dated December 31. Ending inventory information about the five major items stocked for regular sale follows: E7-11 Part 2 2. Prepare the journal entry Peterson Furniture Designs would record on December 31 to write down its inventory to LCM/NRV. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet